The results are due just after 1 pm New York time. The 10-auction average of the bid-to-cover ratio is 2.66 times ($2.66 i bids for every bond auctioned).
With yields racing higher we could see one of two results. Traders may be spooked and avoid the auction or traders may look to take advantage of the big rise in yileds in recent day and dive in head first…
A weak 3-year auction led to dollar strength earlier this week, so I guess a weak auction would lead to USD strength today…but don’t quote me…
